...British American Tobacco plc's (BAT) ratings remain underpinned by the company's strong business risk profile as the second-largest global tobacco industry manufacturer in a fairly consolidated sector, its regional and brand diversification, including scope to grow next - generation products (NGP), and exposure to a wide range of mature, cash-generating and emerging markets offering growth potential. However, the ratings remain constrained by a heightened financial risk profile for the ratings, following the full integration of its Reynolds American Inc (RAI) acquisition. The Stable Outlook assumes a steady but modest deleveraging path over Fitch Ratings' four-year rating horizon to 2024....
